What is Marital Property?

Article Contents Definition of Marital Property Division of Marital Property  Factors Influencing Property Division Georgia's Trusted Partner in Marital Property Division Return to Knowledge Base

When a couple decides to dissolve their marriage through divorce, one of the critical aspects that needs to be addressed is the division of marital property. Marital property refers to any assets, debts, or property acquired by either spouse during the marriage. Understanding what constitutes marital property and how it is divided can be a complex process, but one that is essential for a fair and equitable settlement.

Definition of Marital Property

Marital property encompasses all assets and debts acquired by either spouse from the date of their marriage until the date of their legal separation or divorce filing. This includes, but is not limited to:

• Real estate (homes, land, rental properties)
• Vehicles
• Bank accounts and investments
• Retirement accounts (pensions, 401(k)s, IRAs)
• Businesses and professional practices
• Furniture and household items
• Collectibles and artwork
• Debts (mortgages, loans, credit card balances)

It's important to note that marital property is distinct from separate property, which refers to assets and debts owned by either spouse before the marriage or acquired through inheritance or gifts during the marriage.

Division of Marital Property

The division of marital property is governed by state laws, which vary in their approach. Most states follow the principle of equitable distribution, which aims to divide marital property fairly and equitably, taking into account factors such as the length of the marriage, each spouse's financial contributions, and the future financial needs of each party.

Other states follow the community property principle, which generally means that all marital property is divided equally between the spouses, regardless of who acquired it or how it was acquired.

Factors Influencing Property Division

When determining how to divide marital property, courts may consider various factors, including:

1. Length of the marriage: Longer marriages generally result in a more equal division of marital property.
2. Financial contributions: The court may consider each spouse's financial contributions, such as income, inheritance, or gifts received during the marriage.
3. Non-financial contributions: Contributions like caring for the home or children, or supporting the other spouse's career, may also be taken into account.
4. Future financial needs: The court may consider each spouse's future earning potential, age, health, and ability to acquire assets in the future.
5. Misconduct: In some cases, the court may consider any misconduct, such as adultery or financial mismanagement, when dividing marital property.

Georgia's Trusted Partner in Marital Property Division

At The Cherry Law Firm, our experienced divorce attorneys understand the complexities involved in identifying and dividing marital property during a divorce. We are dedicated to providing personalized legal guidance and representation to protect your rights and ensure a fair and equitable distribution of assets and debts.

Our team will work tirelessly to identify and value all marital property, including complex assets such as businesses, professional practices, and investment portfolios. We will also ensure that separate property is properly identified and protected. Contact us today to schedule a consultation and learn how we secure your fair share of marital assets.